Australia's unemployment rate dropped in July and employment increased sharply, suggesting that the labor market conditions remain strong, data from the Australian Bureau of Statistics revealed Thursday.
The jobless rate came in at 4.2 percent in July compared to 4.3 percent in June, which was the highest since late 2021. The 4.2 percent matched economists' expectations.
Employment increased by 24,500 from the previous month to 14.64 million. Economists were expecting a monthly increase of 25,300.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.